USO Implied Volatility
USO $166.23 · Updated Oct 26, 4:00 PM ET
USO at-the-money implied volatility is 49.7% for Oct 28, 2026 (2 days out). For Nov 27, 2026 it is 54.1%. Longer-dated volatility is priced at or above near-term volatility, the normal upward-sloping term structure.
TERM STRUCTURE (ATM IV)
| Expiration | DTE | ATM strike | ATM IV |
|---|---|---|---|
| Oct 28, 2026 | 2 | 166 | 49.7% |
| Oct 30, 2026 | 4 | 166 | 51.2% |
| Nov 4, 2026 | 9 | 166 | 49.3% |
| Nov 6, 2026 | 11 | 166 | 50.3% |
| Nov 13, 2026 | 18 | 166 | 56.3% |
| Nov 20, 2026 | 25 | 166 | 53.4% |
| Nov 27, 2026 | 32 | 166 | 54.1% |
| Dec 4, 2026 | 39 | 166 | 54.4% |
| Dec 18, 2026 | 53 | 166 | 54.4% |
| Jan 15, 2027 | 81 | 165 | 52.1% |
| Feb 19, 2027 | 116 | 165 | 50.8% |
| Mar 19, 2027 | 144 | 166 | 50.4% |
SKEW, OCT 28, 2026
| Strike | Call IV | Put IV |
|---|---|---|
| 159 | 71.8% | 55.1% |
| 160 | 55.9% | 53.3% |
| 161 | 63.8% | 52.7% |
| 162 | 50.7% | 51.4% |
| 162.5 | 44.2% | 51.2% |
| 163 | 50.0% | 50.3% |
| 164 | 47.1% | 49.8% |
| 165 | 53.6% | 49.7% |
| 166 | 49.8% | 49.6% |
| 167 | 50.2% | 50.8% |
| 167.5 | 49.7% | 50.3% |
| 168 | 49.0% | 47.0% |
| 169 | 49.2% | 52.6% |
| 170 | 50.4% | 55.0% |
| 171 | 51.7% | 67.5% |
| 172 | 52.3% | 62.0% |
| 172.5 | 53.1% | 53.6% |
How this is calculated: Implied Volatility methodology